Zacks Investment Research Upgrades Dover Corp. (DOV) to Buy
Dover Corp. (NYSE:DOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $81.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 9.92% from the stock’s current price.
According to Zacks, “Dover is poised to benefit from acquisitions, new product offerings, leading technology and increased MRO activity. The company will also gain from solid growth from the industrial, hygienic and pharma markets. Recently, Dover announced the acquisition of Ravaglioli as well as the divestment of its Tipper Tie unit in order to expedite its business strategy. These actions will bolster Dover’s business in key markets. These are well reflected in the company’s positive record of earnings surprises in recent quarters. “
Other equities analysts have also recently issued reports about the stock. Barclays PLC upped their price target on shares of Dover Corp. from $65.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Dover Corp. in a research note on Wednesday, June 8th. Citigroup Inc. upped their price objective on shares of Dover Corp. from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Wednesday, June 8th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Dover Corp. in a research note on Monday, June 27th. Finally, Robert W. Baird raised shares of Dover Corp. from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $66.00 to $86.00 in a research note on Wednesday, June 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $72.33.
Shares of Dover Corp. (NYSE:DOV) opened at 73.69 on Wednesday. The firm has a 50-day moving average of $71.68 and a 200 day moving average of $69.06. Dover Corp. has a 52 week low of $50.91 and a 52 week high of $74.90. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 21.19 and a beta of 1.25.
Dover Corp. (NYSE:DOV) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by $0.09. Dover Corp. had a net margin of 8.03% and a return on equity of 14.27%. The business earned $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the company posted $0.98 earnings per share. The company’s revenue was down 4.1% compared to the same quarter last year. On average, equities analysts predict that Dover Corp. will post $3.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.44 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.39%. This is an increase from Dover Corp.’s previous quarterly dividend of $0.42. Dover Corp.’s dividend payout ratio is currently 50.29%.
In other news, VP William Spurgeon sold 17,170 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $71.65, for a total value of $1,230,230.50. Following the completion of the sale, the vice president now owns 59,163 shares in the company, valued at $4,239,028.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Livingston sold 25,927 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $69.24, for a total transaction of $1,795,185.48. Following the completion of the sale, the chief executive officer now owns 192,630 shares of the company’s stock, valued at approximately $13,337,701.20. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in DOV. TIAA CREF Investment Management LLC increased its stake in shares of Dover Corp. by 23.7% in the first quarter. TIAA CREF Investment Management LLC now owns 1,002,330 shares of the company’s stock valued at $64,480,000 after buying an additional 192,213 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Dover Corp. by 20.8% in the first quarter. Teachers Advisors Inc. now owns 257,778 shares of the company’s stock valued at $16,583,000 after buying an additional 44,337 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Dover Corp. by 0.4% in the first quarter. Prudential Financial Inc. now owns 217,305 shares of the company’s stock valued at $13,979,000 after buying an additional 900 shares in the last quarter. FDO Partners LLC increased its stake in shares of Dover Corp. by 7.2% in the first quarter. FDO Partners LLC now owns 7,280 shares of the company’s stock valued at $468,000 after buying an additional 492 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Dover Corp. by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,002,956 shares of the company’s stock valued at $257,510,000 after buying an additional 16,700 shares in the last quarter. Institutional investors own 85.59% of the company’s stock.
About Dover Corp.
Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.
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